ING appoints Rodney O. Martin, Jr. CEO of ING Insurance U.S.
(Thomson Reuters ONE) -
ING announced today that it will appoint Rodney (Rod) O. Martin, Jr. as Chief
Executive Officer of ING Insurance U.S. The appointment is an important step in
preparation for a successful Initial Public Offering (IPO) of ING's U.S.-based
insurance and investment management operations.
Rod Martin, former chairman of the International Life and Retirement Services
operations at American International Group (AIG), will be responsible for
strategy and performance of ING Insurance U.S., as well as the corporate staff
functions. Martin will report to Jan Hommen, CEO of ING Group.
Rob Leary, currently CEO of ING Insurance U.S., will assume the new role of
President and Chief Operating Officer of ING Insurance U.S. In this capacity,
Leary will report to Martin and will be responsible for managing and improving
the operational performance of the entire portfolio of U.S. businesses,
including Retirement, Insurance, and Investment Management. This new structure,
with strong executives at the helm, aligns the governance of these operations
with common practice in the U.S. financial services industry.
"Rod is an outstanding veteran of the U.S. insurance industry and his
appointment constitutes an important building block to the preparation of a
successful IPO of ING's U.S. insurance and investment management businesses,"
said Jan Hommen. "The combination with Rob Leary as a results-oriented leader
provides us with a strong management team capable of taking these leading
businesses forward in their standalone future."
Rod Martin (U.S., 58) has more than 36 years of insurance industry experience
and first-hand knowledge in steering large financial-services businesses through
complex corporate change processes. He began his insurance career in 1975 as an
agent with Connecticut Mutual Life Insurance Company, where he served over 20
years in various marketing and general management positions of increasing
responsibility, to become president of Connecticut Mutual Insurance Services. In
1995, Rod joined American General Life Companies as president and chief
executive officer where he ran the U.S. life insurance businesses until they
were acquired by AIG in 2001. At AIG, Rod held positions of increasing
responsibility from chief operating officer of AIG Worldwide Life Insurance,
chairman and chief executive officer of American Life Insurance Company (Alico),
chairman of American International Assurance (AIA), and most recently as
chairman of American International Group, Inc. International Life and Retirement
Services businesses.
Today's announcement is in line with ING's previously announced base case of
pursuing two IPO's for its insurance and investment management activities, one
European-led IPO and one U.S.-focused IPO.
The appointment will become effective 4 April 2011.
Press enquiries Press enquiries Insurance U.S. Investor enquiries
Victorina de Boer Dana Ripley Matt Keppler
+31 20 541 5469 +770 980 4865 +31 20 541 6527
Victorina.de.Boer(at)ing.com Dana.Ripley(at)us.ing.com Matt.Keppler(at)ing.com
ING PROFILE
ING is a global financial institution of Dutch origin offering banking,
investments, life insurance and retirement services. As of 31 December 2010, ING
served more than 85 million private, corporate and institutional clients in more
than 40 countries. With a diverse workforce of about 105,000 people, ING is
dedicated to setting the standard in helping our clients manage their financial
future.
Important Legal Information
Certain of the statements contained herein are not historical facts, including,
without limitation, certain statements made of future expectations and other
forward-looking statements that are based on management's current views and
assumptions and involve known and unknown risks and uncertainties that could
cause actual results, performance or events to differ materially from those
expressed or implied in such statements. Actual results, performance or events
may differ materially from those in such statements due to, without limitation:
(1) changes in general economic conditions, in particular economic conditions in
ING's core markets, (2) changes in performance of financial markets, including
developing markets, (3) the implementation of ING's restructuring plan to
separate banking and insurance operations, (4) changes in the availability of,
and costs associated with, sources of liquidity such as interbank funding, as
well as conditions in the credit markets generally, including changes in
borrower and counterparty creditworthiness, (5) the frequency and severity of
insured loss events, (6) changes affecting mortality and morbidity levels and
trends, (7) changes affecting persistency levels, (8) changes affecting interest
rate levels, (9) changes affecting currency exchange rates, (10) changes in
general competitive factors, (11) changes in laws and regulations, (12) changes
in the policies of governments and/or regulatory authorities, (13) conclusions
with regard to purchase accounting assumptions and methodologies, (14) changes
in ownership that could affect the future availability to us of net operating
loss, net capital and built-in loss carry forwards, (15) ING's ability to
achieve projected operational synergies, and (16) the move towards fair value
accounting for Guaranteed Minimum Withdrawal Benefits for the US Closed Block VA
business line. ING assumes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information or for any
other reason.
Pdf version of press release:
http://hugin.info/130668/R/1500904/436274.pdf
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Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: ING Group via Thomson Reuters ONE
[HUG#1500904]
Unternehmensinformation / Kurzprofil:
Datum: 28.03.2011 - 14:59 Uhr
Sprache: Deutsch
News-ID 52867
Anzahl Zeichen: 6864
contact information:
Town:
Amsterdam
Kategorie:
Business News
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